75% reduction in workload at Barclays

Background

Barclays is UK’s 3rd largest bank with over 2,500 IF customers. Validis has worked with Barclays Trade & Working Capital business since 2019.

The challenge

Barclays was seeking accounting data extraction technology to improve operational efficiency, reduce risk and provide vital working capital solutions faster to businesses.

Before Validis, clients sent in Excel spreadsheets and PDFs of documents. With over 2,500 clients sending data every month, the manual processes were becoming a strain.

The solution

By 2021 Barclays fully automated the accounting data extraction with Validis. Alongside considerable benefits to operational efficiencies, Validis has also reduced risk and improved customer experience.

By automating data collection and standardization, we can not only deliver faster decisions and better service, but also offer client focused working capital funding projects at scale. This enables us to meet out customers' unique needs while still meeting our credit assessment standards.